An alliance between a diamond producer and a diamond manufacturer in Russia is simply inevitable and necessary

What is a diamond manufacturer’s margin composed of? What is the profession of diamond processing engineer about? How much time does it take to become a diamond cutter? How does a polishing factory work? The Russian Cut, is it alive? Lightbox from De...

15 october 2018

High technologies make it possible to create a product that can be obtained in natural stones only for very big money

Andrey Zharkov, having left the position of President at diamond mining company Alrosa, has established and headed the Ultra C company, which will be engaged in the production of diamonds from the reactor. In this interview with industry news agency...

08 october 2018

The once unorganised domestic jewellery sector in India is now growing

A veteran businessman, former Chairman of Gem & Jewellery Council (GJC), Bullion Expert, a third-generation jeweller born with a silver spoon (or was it gold?) in his mouth, a perpetual optimist … yes, the list could go on. As the first...

01 october 2018

India is poised to become a major fine jewellery market in the near future - Pramod Agrawal, Chairman GJEPC

Pramod Kumar Agrawal, the current Chairman of the Gem & Jewellery Export Promotion Council (GJEPC) of India is a successful entrepreneur in his own right. Despite belonging to a jewellery business family, with his father dealing in gemstones...

24 september 2018

Color diamonds are more valuable and desirable and a better investment

In 1993, Eyal Cohen started his career as a diamond cutter, sitting by his father’s side as an apprentice. 4 years later, he was recruited by a jewelry firm, where he learned to appreciate natural colored diamonds. In 2003, Eyal opened his own company...

17 september 2018

Mountain Province declares dividend

10 august 2018

Mountain Province Diamonds said it has decided to declare a dividend of 4 cents per share following a “good” performance of the mine and cash reserves that stood at C$33.5 million as at June 30, 2018, a C$4.8 million increase from the prior quarter balance of C$28.7 million.

news_11042018_gahcho_kue.jpg
Image credit: Mountain Province


“The company's policy is to manage down the debt levels and to pay reasonable dividends based on available cashflows,” said Mountain Province chief executive Stuart Brown.
“The level of future dividends may go up or down dependent on these cashflows which are strongly linked to realised diamond prices as well as the covenants relating to dividend declarations under the revolving credit facility and the secured notes payable conditions. "
The company was also set to generate significant positive cash flows for the second half of the year as cash funding commitments for the Gahcho Kué Mine were heavily weighted to the first half of the year for winter road supply and capital commitments. 
Meanwhile, a record 1.9 million carats were recovered at an average grade of approximately 2.15 carats per tonne in the second quarter of 2018.
The first half output was 3,6 million carats compared with 2.5 million carats, a year earlier.
The increase in output was as a result of ongoing improvements and optimisation work since commercial production began in early 2017.
Mountain Province was targeting to produce between of 6.3 and 6.6 million carats this year.
Its sales during the second quarter of 2018 was the highest achieved to date in the company's history with C$99.1 million ($76.8 million) recognised as revenue. 
This excludes about C$10.7 million ($8.1 million) in revenue from 43,000 carats in Sale 5 which was not received until July 2018. 

Mathew Nyaungwa, Rough&Polished